Capital One Cites Anti-Money-Laundering Review for Closing Trump Organization Accounts

Capital One Financial has formally stated that its decision to close the Trump Organization's bank accounts years ago was based on findings from an anti-money-laundering (AML) review. This disclosure is the first time a bank has officially cited money-laundering concerns in relation to Donald Trump's family business.

“

documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (‘AML’) reasons.

The bank is seeking to dismiss a lawsuit filed by the Trump Organization and Eric Trump, who allege that Capital One closed their accounts due to "woke" beliefs and a desire to capitalize on the political climate following the January 6, 2021, U.S. Capitol riot. Capital One argues that these allegations of political pretext are misguided and misinterpretations of the evidence submitted to the court.

“

The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.

In its filing, Capital One clarified that it never accused the Trump Organization of money laundering. However, the bank contends that the transaction patterns identified were consistent with activities flagged by federal banking guidance. Capital One provided notice of its intent to close over 300 Trump-affiliated accounts in March 2021, following months of analysis by its AML team in accordance with bank policies and regulatory guidelines.

“

The Trump Organization’s allegations of political pretext were “misguided” and “based on cherry-picked quotations unsupported by the full context” of documents submitted to the court.